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Improving Your Credit
By David Pilley on July 26, 2010

MP900438749-(1).jpgHaving a good credit score is like maintaining a good diet. The healthier it is, the likelier people will notice, and the likelier you will hear “yes” instead of “no.” If your credit is good, you will have a better chance to get a loan with low interest. It isn’t easy to make your credit score the best it can be at all times, just like a diet is difficult to maintain. A second slice of pie here, a late payment there. At some point, you will gain a few extra pounds, and your credit score will drop. It seems like a shared human experience to, at some point in one’s life, have bad credit. It isn’t the end of the world, though, and you can make your credit score better with time.
First, you will want to make an assessment. Get an up-to-date credit report, and check for any possible errors. Sometimes, your poor score could be a result of identity theft, and you will want to get this fixed as soon as possible! The Fair and Accurate Credit Transactions Act allows you to get one free credit report per year from the three major agencies. (Equifax, TransUnion, and Experian. If you don’t know them, memorize them!)

Once your score is up-to-date, make sure your accounts are also current. Pay some or all of your credit card balance. Just like getting back in good physical health, improving your credit could involve making a lifestyle change. If you have 900 TV channels, consider cutting it down to basic cable. If you have three vehicles and you need only two, consider selling one. If you’re unable to live below your means, you may be unable to pay off your credit card debts, and you will have more trouble with improving your credit.

If you can’t pay off the entire balance on a card, keep it at a reasonable level. If your balance is 30% of your credit limit, lenders will certainly take note. If the balance is 50%, you will have a difficult time improving your credit. There is no rule set in stone, but a good place for your balance to be is less than 30% of your credit limit. (You can relate this to your BMI, body mass index. If your BMI is under 25, you may be in better health than someone whose BMI is 30 or higher.)

Don’t skip payments! This will bring you back to square one.

Finally, if you have multiple accounts, consider closing one of them. You will want to consider closing the most recently opened account because credit history is a big factor in determining your credit score. If you have a high balance on an account you’ve had for a few months, it won’t be as bad as having a high balance on a card you’ve had for a few years.

Just like getting back in good physical shape, improving your credit will not happen overnight. It takes some assessment, a healthy routine, a possible lifestyle change, and perseverance, but you can do it.
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